Properties Magazine March 2017 : Page 60

ACAR CORNER Issues in the real estate industry The Myth of the Mortgage Down Payment D JIM FOX id you know that the median down payment for first-time buyers has been 6% for three straight years? If you answered no to this question, you are likely not alone. According to the National Association of Realtors’ Aspiring Home Buyer Profile, 87% of non-homeowners indicated that a mortgage down payment of 10% or more is necessary. The Aspiring Home Buyer Profile also finds that eight out of 10 non-owners indicated that owning a home is part of their American Dream. Yet, the confusion about down payment requirements is keeping aspiring home buyers from breaking into the real estate market. Being unable to afford to buy was the number one reason non-own-ers cite as to why they don’t own. Unrealistic expectations about down payments have kept creditworthy borrowers with manageable levels of debt from exploring the prospects of buying a home. Every prospective buyer is different, but consumers should talk to lend-ers about their qualifications before throwing in the towel on their home-ownership dreams. Those interested in buying their first home in 2017 should gather their financial paperwork, sit down with a lender to discuss their qualifications, and talk to family and friends for rec-ommendations about a Realtor who can help them get started on their home search. Here are some tips to share with renters who are interested in buying a home with less than a 20% down payment, follow these tips to help get you get started: 1. Review your financial situation and personal savings to determine how much you can comfortably use for a down payment. 9G&#02;YQWNF&#02;DG&#02;RTQWF&#02;VQ&#02;DG&#02;RCTV&#02;QH&#02;[QWT&#02;VGCO&#02;QP&#02;[QWT&#02;PGZV&#02;EQPUVTWEVKQP&#02;RTQLGEV&#10; C ONTAINER S ERVICE , I NC . ¸;OL&#03;3LHKLY&#03;PU&#03; *VU[HPULY&#03;:LY]PJL¹ -),&#13;&#03;*:)&#03;&#0d;&#03;,+.,&#03;*,9;0-0,+ @6<9&#03;*65:;9<*;065&#03;:7,*0(30:;: .9,,5&#03;&#0d;&#03;3,,+&#03;7961,*;: &#19;&#13;&#03;&#1b;&#13;&#03;&#1d;&#13;&#03;&#1f;&#03;&#14;&#03;@(9+&#03;-965;&#03;36(+&#03;*65;(05,9: &#18;&#17;&#13;&#03;&#19;&#17;&#13;&#03;&#1a;&#17;&#13;&#03;&#1b;&#17;&#14;@(9+&#03;96336--&#03;*65;(05,9: Properties | March 2017 &#0f;&#19;&#18;&#1d;&#10; 60 &#03; &#1b;&#1b;&#18;&#14;&#1b;&#1b;&#19;&#19; >>>&#15;7,;,(5+7,;,05*&#15;*64